Medtronic, Inc. announced record revenue for the quarter ended Jan. 27, 2006, of U.S. $2.8 billion, a 9 percent increase over the $2.5 billion recorded in the third quarter of fiscal year 2005. On a constant currency basis, growth was 12 percent with a negative currency translation impact of $72 million or 3 percent.
As reported, third quarter net earnings were $670 million or $0.55 per diluted share, an increase of 23 percent and 22 percent respectively over the prior year third quarter. Excluding the litigation charge included in the prior year third quarter, net earnings and earnings per share increased 20 percent.
"Solid overall growth was again led by our two largest product lines, implantable defibrillators and spinal products. These two product lines accounted for about 45 percent of the corporation's revenue and, on a constant currency basis, they collectively grew 22 percent compared to the prior year third quarter," said Art Collins, chairman and CEO of Medtronic. "This year's growth reflects the impact of ongoing investments; for example, during this quarter research and development expenditures increased 16 percent to $280 million."
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